Research and publications listings

Scotland's financial and business services facts

The Broomielaw featuring the Broomielaw Tradeston Bridge in the International Financial Services District (IFSD), Glasgow

Financial and business services in Scotland

Latest stats and facts on Scotland's financial and business services industry. Published February 2021.

International reach

Scotland is internationally recognised as the most complete financial centre in the UK outside London and the South East.

It's recognised globally as an internationally competitive destination and attractive place for companies to locate and expand.

Scottish exports (international sales) of financial and business services are worth £3.7 billion, 11% of Scotland's total international exports (2018).

Barclays staff working in their Glasgow office.  Image shows Jordan leigh , Lauren Callachan , Chris Jamieson and Catriona Smith.

Scottish financial and business services stats

28,865 companies

16.1% of Scotland's total companies (2019)

236,000 employment

9.1% of Scotland's total employment (2019)

£17.4bn GVA

12.3% of Scotland's GVA (2018)

Barclays staff working in their Glasgow office.

Global financial hub

Many of the world’s leading financial services firms have operations in Scotland across each of the sub-sectors of the industry, including

  • Asset management and servicing - Standard Life Aberdeen, Blackrock, CitiGroup, BNP Paribas
  • Banking - Lloyds Banking Group, Royal Bank of Scotland, Tesco Bank, Barclays and HSBC
  • General insurance - Aviva, Direct Line, Esure
  • Life and pensions - Aegon UK, Prudential Standard Life

Scotland's strength in financial services, when considered alongside our technology capabilities, has also led to an exciting and growing opportunity in fintech (the use of technology in financial services).

Company insight

Financial and business services companies surveyed between August and December 2020
Biggest challenges
  • 86% impact of Covid-19
  • 43% overcoming impact of political and economic uncertainty
Biggest opportunities
  • 57% maximising existing clients and markets
  • 43% competitiveness and productivity enhancements
Adrian Newell, Vice President, at J.P. Morgan, pictured at the firm's Edinburgh Park offices.

Need help to grow your business?

Get in touch with our advisers for tailored support.